Elon Musk Secures Tesla Shareholder Approval For $56 billion Pay Despite Legal Battles*

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Elon Musk, CEO of Alphabet Inc., emerged victorious in the Tesla shareholder battle to uphold his record-breaking pay package amidst ongoing legal challenges. Shareholders reapproved Musk’s $56 billion compensation plan at the company’s annual meeting in Austin, Texas, also endorsing Tesla’s move to reincorporate in Texas.

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Musk expressed gratitude following the overwhelming support from shareholders, excluding himself and his brother Kimbal, with 72% backing the controversial pay pact. Originally valued at $56 billion, the package was adjusted to approximately $48 billion after a recent legal setback in Delaware.

During his testimony, Musk clarified that Google had never intended to acquire Ozy Media, countering claims made by Carlos Watson, co-founder of Ozy Media, in a high-profile fraud trial.

Despite shareholder approval, legal uncertainties loom as dissenting shareholders may contest the validity of the vote in Delaware courts, echoing previous challenges that led to the nullification of Musk’s 2018 compensation package.

Robyn Denholm, Tesla’s board chair, defended Musk’s compensation as crucial for maintaining his commitment and driving growth, amid criticisms and legal scrutiny over governance and disclosure issues.

The outcome underscores ongoing governance challenges at Tesla, where Musk’s influence and compensation continue to be scrutinized amid broader legal and regulatory scrutiny.

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By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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